Equal Credit Opportunity Act (ECOA)
Definition of "Equal Credit Opportunity Act (ECOA)"
U.S. law making it illegal to discriminate when giving credit based on factors such as race, religion, color, age, national origin. A lender must respond to credit applications within 30 days. If the application is denied, reasons must be given. The purpose of this law was to assure that lenders would not treat one group of applicants more favorably then other group except for reasonable and justifiable business reasons. Strict rules have in all aspects of a credit transaction including that dealing with the purchase or real estate.
Popular Real Estate Terms
Secondary written agreement to purchase real property in the event the initial contract is not signed. ...
Transfer of title based on a preceding title transfer of conveyance. A derivative conveyance increases, ratifies, moderates, renews or transfers the stake created by the original ...
Recording an expenditure having a benefit of more than one year to the cost of the property. ...
Same as term graduated lease: A rental stipulation a varying rental rate. Rental rate are determined tied to periodic appraisals or an inflation or an inflation index. The provision is more ...
Right of a property owner located adjacent to an airfield to use the airspace above a certain distance to fly an airplane. However, the owner may not be allowed to put structures, signs or ...
A four-unit building with four tenants in a condominium type of ownership and management. ...
Lease agreement having level payments during the contractual period. It does not have an escalation clause to allow for increased costs due to increases in inflation, taxes, or other ...
Notion that a buyer should not pay more for a property than it would cost to buy at current prices for land, labor, and appraisals. ...
Generally, the escalation clause, often known as the escalator clause, means a provision in a contract enabling an upsurge in prices, bids, or wages. You must understand that they come into ...
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